Calgary, Alberta--(Newsfile Corp. - September 30, 2019) - Blacksteel Energy Inc. (TSXV: BEY) ("Blacksteel" or the "Corporation") announces that it is not able to repay its outstanding convertible debentures (the "Convertible Debentures") that were issued in September, October and November of 2015 and matured today.

The Corporation had issued Convertible Debentures with an approximate principal value of $1,958,000 as part of a financing for the proposed acquisition of TERIC Power Ltd., a transaction which was never completed.

The Corporation has been in discussions with Convertible Debenture holders and their representatives to consider a restructuring of the Convertible Debentures.

About Blacksteel Energy Inc.

Blacksteel is a junior oil and gas company involved in the exploration, exploitation, development and production of petroleum and natural gas resources.

For further information, please contact:

Blacksteel Energy Inc.
Eugene Chen
Director
(403) 873-3771

Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements as to the Corporation's anticipated transactions are forward-looking statements. These forward looking-statements are based upon various assumptions. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefit the Corporation will derive there from. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

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